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« Should You Shop in One Place for All Your Home Needs? (And Giveaway!) | Main | Make Your Death Easier on Your Heirs by Writing a Letter of Instruction »

August 30, 2007


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Here's another idea. Wait until right before Christmas. Check the listings. Anyone selling around then is beyond desperate.

Don't forget, it works both ways. Yours will sell for less too.

When it comes time to make an offer, ask for the following three things:

1) Purchase price (most of what you are writing about here)
2) A long closing time
3) Seller paid closing fees

Item #2 is the red herring. Ask for a closing in five months and most sellers sitting on inventory will counter offer 2-3 months. Use this as leverage to keep your position on items #1 and #3 while giving in to #2, which you really didn't care about anyhow.

In a word, never negotiate just over price.

I know a guy who bought his home by just going around to people who'd had their house passed in at auction and offered them $20,000 less than it passed in at.

Don't you think prices will come down even more?
Granted, where I live (Southern NY State, within an hour from NYC) the prices are still very high -- 375K wouldn't even buy a two bedroom condo here. A lot of people with ARMs are still facing interest hike; also some of the "prime" market may have foreclosures too with banks having given so many loans (even prime) without any regard to income.

This is totally uninformed opinion, and obviously based on a different market.

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